NMJ Insurance buys Derby broker Protheroe

NMJ Insurance Brokers has acquired Derby-based broker Protheroe Insurance.

It is NMJ's second acquisiton since the the branch-based broking network was launched by former Equity Insurance Brokers managing director, Nick Potts, and acquisitions and insurer development director, Mike Hutton, last year.

NMJ's first acquisition was Ridge Insurance in January 2010.

Protheroe Insurance based in Belper, Derbyshire has been acquired from Brian Milward who is retiring from the business.

“We are delighted to have acquired Protheroe Insurance which has an excellent local reputation in a very busy market town,” said Potts.

“We are looking forward to working with the existing team to further develop the business going forward and help achieve its full potential. The team have extensive insurance experience and all employees will remain with the business."

Hutton added: “This acquisition fits perfectly with our strategy to buy quality, established businesses in communities which have strong customer loyalty and, by virtue of being located in good underwriting areas, can also provide excellent returns for our insurer partners.

"The high levels of recommendations and strong retention rates demonstrate the strength of the business and the support received from the local community”.

Milward said “I am really pleased that NMJ Insurance has acquired Protheroe Insurance and will continue to trade from the existing premises in Belper.

"This deal will ensure that the business can continue to go from strength to strength and secures the future for the existing staff”.